Maui Real Estate Glossary

real estate agentAn individual that is licensed to negotiate and transact the sale of real estate.

real estate brokerA broker is anyone who acts as an agent between two parties involved in a transaction. Typically a broker will not lend money but will find a larger lender or investor to do so. Some real estate agents are also brokers.

Recorder of DeedsA government officer on the county level that is in charge of the office of land records. This individual is also known as a registrar of deeds.

refinance transactionThe process of paying off an old loan with the proceeds from a new one.

rent loss insuranceInsurance that protects a landlord against any losses of rent or rental value due to an accident, such as a fire, that prevents the leased premises from being used. In such a case, the tenant is excused from paying rent.

REOA property that is owned by a lender as a result of foreclosure of mortgages or trust deeds. These properties are usually for sale.

replacement reserve fundA fund that is set aside for the replacement of such things as roofing, mechanical equipment or carpeting. This is typical in a Planned Unit Development or condo.

right of first refusalA provision in an agreement that requires the owner of a property to offer it for purchase or lease to another party before offering it for sale or lease to others.